Maine’s state earnings tax system follows a graduated construction. This implies your tax fee will increase as your taxable earnings goes up. For the 2024 tax 12 months (the taxes you file in 2025), the Pine Tree State has a number of tax brackets, making certain these with greater incomes contribute a bigger share than these incomes much less.
Your Maine earnings tax obligation is determined by a number of elements, together with submitting standing, taxable earnings, and obtainable deductions or credit. As a result of charges fluctuate throughout brackets, understanding the place your earnings suits in is important to assured tax submitting and planning.
This information explores Maine’s earnings tax system and methods to maximize deductions and credit to maintain extra of your hard-earned cash.
*Notice you might be nonetheless liable for federal taxes in the event you meet the IRS earnings submitting threshold. This text addresses state-specific taxes solely.
Maine state earnings tax charges
Maine applies a graduated earnings tax system with three brackets, starting from 5.8% to 7.15%. The proportion you pay is determined by your taxable earnings and your submitting standing. State earnings taxes in Maine are due on April 15, 2025, until you file for an extension. Submitting on time helps keep away from penalties and curiosity costs.
The next charts break down every submitting standing’s tax brackets and charges.
Single or married individuals submitting individually
Taxable earnings Tax fee Lower than $26,050 5.8% of Maine taxable earnings $26,050 to $61,599 $1,511 plus 6.75% of extra over $26,050 $61,600 or extra $3,911 plus 7.15% of extra over $61,600
Married submitting collectively
Taxable earnings Tax fee Lower than $52,100 5.8% of Maine taxable earnings $52,100 to $123,249 $3,022 plus 6.75% of extra over $52,100 $123,250 or extra $7,825 plus 7.15% of extra over $123,250
Head of family
Taxable Revenue Tax Price Lower than $39,050 5.8% of Maine taxable earnings $39,050 to $92,449 $2,265 plus 6.75% of extra over $39,050 $92,450 or extra $5,870 plus 7.15% of extra over $92,450
Supply: Maine Income Companies
What’s the normal deduction in Maine?
No matter which Maine state tax brackets you fall into, the usual deduction reduces the quantity of your earnings topic to tax. It is a easy approach to decrease your tax invoice with out itemizing deductions. For the 2024 tax 12 months, the usual deductions for Maine taxpayers are:
Single: $14,600
Married submitting collectively: $29,200
Head of family: $21,900
Married submitting individually: $14,600
Taxpayers sometimes select the usual deduction as a result of it simplifies submitting Maine state earnings taxes. Relying in your scenario, it might additionally supply a better deduction than itemizing.
Itemizing deductions refers back to the technique of itemizing eligible bills in your tax return to cut back your taxable earnings. As an alternative of taking the usual deduction, you’ll be able to “itemize” particular bills resembling mortgage curiosity, state and native taxes, medical bills, and charitable contributions.
It would make sense to itemize if the sum of your itemized deductions is greater than the usual deduction quantity to your submitting standing. In any other case, it’s normally finest to take the usual deduction.
Who has to file Maine state earnings tax?
You will need to file a Maine state earnings tax return if:
You’re a Maine resident and you’ve got a Maine tax legal responsibility or in case you are required to file a federal tax return.
You’re a nonresident who has earnings from Maine sources that lead to a state tax legal responsibility.
These guidelines guarantee anybody with vital earnings tied to Maine correctly contributes to the state’s tax system. That stated, how does Maine decide residency?
How Maine residency impacts tax submitting
Maine acknowledges three residency statuses: resident, part-year resident, and nonresident. Every determines how your earnings is taxed primarily based on the place you earned it and your time spent within the Pine Tree State.
The next desk lists every residency standing, who qualifies, and the way Maine taxes earnings for every group.
Residency standing Definition How Maine taxes earnings Resident You lived in Maine for the whole tax 12 months, or Maine is your everlasting dwelling. Maine taxes all earnings earned in and out of doors the state. Half-year resident You lived in Maine for a part of the tax 12 months however established residency or moved out of state. Maine taxes earnings earned whereas a resident and any Maine-sourced earnings earned whereas a nonresident. Nonresident You lived outdoors Maine throughout the tax 12 months however earned earnings from Maine sources. Maine taxes solely earnings earned from Maine sources.
Supply: Maine Division of Income
Different earnings tax issues in Maine
Along with normal wages, Maine has particular guidelines for taxing varied earnings varieties. Typical earnings sources taxed in another way embody:
Retirement and pension earnings tax: Maine permits as much as $45,864 in deductions for nonmilitary pensions for the 2024 tax 12 months. Navy pensions usually are not taxed.
Funding earnings tax: Capital features are taxed on the identical fee as private earnings.
Social Safety earnings tax: Maine doesn’t tax Social Safety advantages.
Navy earnings tax: Navy pay for Maine residents stationed outdoors the state is tax-exempt.
Speak to a tax knowledgeable without cost
Do you have got tax questions? Get solutions from one in every of our tax specialists. Consultants obtainable 5am – 8pm PST – 7 days every week
Maine state tax credit
Tax credit score Description Quantity Little one Care Credit score For Maine Residents and part-year residents solely. As much as $500. Grownup Dependent Care Credit score Credit score for the care of an grownup dependent. As much as $500. Earned Revenue Tax Credit score (EITC) Gives monetary aid to low- and moderate-income working people and households. 25% of federal credit score; most federal credit score for 2024 tax 12 months is $7,830. Pupil Mortgage Reimbursement Credit score Refundable credit score for sure mortgage funds made by eligible graduates. Varies primarily based on mortgage funds. Dependent Exemption Credit score Credit score for eligible taxpayers who declare dependents. As much as $300 per baby. Property Tax Equity Credit score Refundable credit score for eligible property tax funds. As much as $1,000 (or as much as $2,000 if 65 or older).
Supply: Maine Division of Income
The way to file Maine state earnings tax
Navigating Maine’s graduated tax brackets, deductions, credit, and residency guidelines takes time, however you don’t need to undergo it alone. TurboTax simplifies submitting your Maine state tax return.
It doesn’t matter if you wish to file your taxes your self or have an knowledgeable file for you. We provide steerage at each step. TurboTax can assist you file taxes and maximize your deductions and credit to maintain extra of your hard-earned cash in your pocket. Our native tax specialists in Maine can even assist in the event you want them. TurboTax’s community of execs can supply knowledgeable recommendation and even file your Maine state earnings tax return for you.
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